All Forum Posts by: Robert Obniski

 Are you asking about each individual task or are you looking for a number?

Besides the things listed, there are other minimal jobs

I have a small 2 bed 1 bath home under contract and have an inspection scheduled this Friday (10/30) at 9am. 

Im looking for a contractor to come do a walk through and give me an estimate anytime between 9am-11am.

Work that for sure will need to be completed includes roof, kitchen bathroom, refinishing floors, crown molding, new bay window, and possibly building a 1 car garage. Among other things.

Please contact me asap if you or one of your guys has some time to come down and give an estimate.

Thanks!

 Sorry I never got back to you on here but Yes, I have one currently listed in Addison. I had the same buyer back out twice on that one.  Listed for about 2 months now, getting antsy.

I also just put a 2 bed 1 ba sfr under contract here in Lombard. This one is going to be tricky as its my first SFR and a little out of my criteria as far as 2 bed 1 bath. Comps are there though.

haha thanks for your answer. I definitly understand where you're coming from regarding family and business. Thing is the relationship between my parents and i is more business than family. But in a mom n pop business sense not a corporation business sense. 

As for things going tits up, lol, Something catastrophic would have to happen. They're retired with no income so its a win win. Even if i lose, they win  a house where they have options. Sell it for profit or rent it for cashflow.  Being retired in there mid 50's ater being workhorses for the last 30 years, theyre just itching for work haha. Also Its a small town so the numbers are pretty solid.

I know it will cashflow if i decide to rent. I know there is minimum 15k profit if its flipped. So im not to worried about those aspects of the deal. 

More so getting the loan against the house and how to make this seamless. LLC is not a part of the equation.

Maybe lets pretend they arent my parents but money lenders. What do i have to do as far as re ord keep to cover my ***? And on the other side what do they do as far as filing taxes?

This is in Wisconsin, btw

Here's the deal. A small home became available in my home town that I would like to purchase and rent out.

My parents are willing to loan me the money to purchase this in cash.

Target purchase price is $85k 
Rehab is $30k
Lets say All-In: $120k 
ARV: $160k

My questions...

-If we own the property out right, have 120k into it and it's value is 160k- whats the likely amount we can pull out for the loan?

-If we want everything to be in my name, what would it be best way to structure this? Have them loan me the cash, i handle the project, i go the bank and take a out a loan in my name, then pay them back?

-What kind of records should be kept for tax season? Can they borrow me the cash and then i just pay back and thats it? No one will come after me or my parents for anything official?

Thanks everybody for the input. I figured somewhere between $100k-$120k 

@Crystal Smith I agree with your last sentence that the strategy should be to establish a certain number and work towards attaining that. I plan to live in  the property for a minimum of 1 year and possibly more depending if I love the place but from the numbers i ran, I should be able to have the other 2 units cover the payents. But then again, ive never had to cross this bridge and this is all speculation. Would you mind sharing how you determine the number as far as how much a property should cash flow? 

Damn, no answers lol

Very helpful @Robert LeachThanks!

I would live in one of the 2 bedrooms units the other would rent from 1200-1400 and the 1 bed would rent from 900-1100....although im not 100% confident in my market rent analysis skills.

Also forgot to ask about asbestos as far the demo goes...